The National Insurance Commission has disclosed that  insurance companies in Nigeria earned N630.36bn premium in 2021.

The Head, Corporate Communications and Market Development,, Rassaq Salami, disclosed this in its unaudited result for 2021 saying that this was a rise from the audited figure of N514bn premium earned in 2020.

NAICOM said the total asset of the underwriting companies was N2.14tn while net claims paid was N238.05bn in 2021.

According to Nigerian Insurance Digest of the Nigerian Insurers Association, the life and non-life underwriters earned N316bn, N363bn and N413bn premiums in 2016, 2017 and 2018, respectively. They also recorded a premium of N490bn in 2019.

As of the end of 2020, policies held by individual Nigerians stood at 1,034,383, while corporate and non-individual policies were put at 891,128.

Total policies written stood at 1,925,511, while the insurance penetration in 2020 was 0.72 per cent.